TPG Loses Out On Billabong Deal Despite New $906M Bid

Law360, New York (February 28, 2012, 5:01 PM EST) -- Australian sportswear company Billabong International Ltd. has quit talks with TPG Capital regarding a potential buyout, despite the Texas private equity firm upping its nonbinding offer to AU$841.8 million (US$906 million), Billabong said Tuesday.

The company's board rejected the AU$3.30-per-share offer, which was made Monday, saying it still devalued Billabong. TPG had originally offered the company AU$3 per share during the week of Feb. 17, according to Billabong's investor documents.

Under pressure from major shareholder Gordan Merchant, the board said the increase was not enough to...
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